Weeden Analysts Downgrade Transocean (RIG) Shares to "Buy"
Thursday, June 23, 2021 10:10 AM

Equities research analysts at Weeden downgraded shares of Transocean (NYSE: RIG) from a "hold" rating to a "buy" rating in a research note to investors on Thursday. The analysts currently have a $75.00 price target on the stock.

Separately, analysts at Morgan Keegan upgraded shares of Transocean from a "market perform" rating to an "outperform" rating in a research note to investors on Friday, June 17th. They now have a $75.00 price target on the stock, down previously from $76.00. Also, analysts at Citigroup (NYSE: C) reiterated a "buy" rating on shares of Transocean in a research note to investors on Friday, June 17th.

Shares of Transocean traded down 3.25% during mid-day trading on Friday, hitting $60.06. Transocean has a 52 week low of $41.88 and a 52 week high of $85.98. The stock's 50-day moving average is $66.23 and its 200-day moving average is $74.24. The company has a market cap of $19.193 billion and a price-to-earnings ratio of 33.30.

Transocean last announced its quarterly results on Thursday, May 5th. The company reported $0.96 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $0.80 EPS by $0.16. During the same quarter in the prior year, the company posted $2.22 earnings per share. The company’s quarterly revenue was down 16.90% on a year-over-year basis. On average, analysts predict that Transocean will post $1.27 EPS next quarter.

Transocean Ltd. (Transocean) is an international provider of offshore contract drilling services for oil and gas wells. As of February 2, 2010, the Company owned, had partial ownership interests in, or operated 138 mobile offshore drilling units. As of February 2, 2010, its fleet of 138 rigs consisted of 44 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh Environment semisubmersibles and drillships), 26 Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackups and three Other Rigs. In addition, it had five Ultra-Deepwater Floaters under construction. The Company operates in two segments: contract drilling services and other operations. Contract drilling services, the Company’s primary business, involves contracting Transocean’s mobile offshore drilling fleet, related equipment and work crews primarily on a day rate basis to drill oil and gas wells. The other operations segment includes drilling management services, and oil and gas properties.

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